Q3 CTV Ad Spend Grew 39% YOY
by Frankie Karrer
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As we approach the end of the year, many direct-to-consumer brands are taking stock of what worked, and what needs to change for their upcoming 2022 advertising strategies. And according to a new study from Dynata, many of these DTC marketers are looking to add Connected TV to their marketing mixes. Their survey found that While it’s common knowledge at this point that consumers and advertisers have been flocking to Connected TV, even those who pay close attention to this channel might be surprised by it’s growth. In a new report, eMarketer has once again revised their estimates for expected CTV ad spend in 2021, updating their forecast to reach a whopping $14.44 billion (an increase of 59.9% over the amount spent in 2020). They also looked at how media brands have been reacting to this increased interest in Connected TV. At this point, almost all major networks have started to make their content available through this channel. Some Connected TV advertising platforms have found more success in generating ad revenue – Hulu collected $3.13 billion in 2021, and is followed by YouTube at $2.54 billion and Roku at $1.58 billion.
Peter Vahle, senior forecasting analyst at Insider Intelligence, shares that this growth is based on a number of factors, “Demand for CTV advertising has rebounded strongly this year as marketing budgets return to normal and ad inventory increases thanks to the launch and expansion of new ad-supported streaming services. CTV ad prices are also significantly higher than last year, which has driven up the overall spend.” So while eMarketer expects CTV ad revenue growth to slow a little following this year’s spike, they also anticipate US CTV ad spending will more than double by 2025, easily reaching $30 billion by that time.
Thank you for reading our Connected TV Report. We will be taking a break next week for the Thanksgiving holiday, but will be back in action with a new report in December.
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